July 26, 2016 / 6:12 PM / in a year

BRIEF-Mitra to acquire 100% interest in Stag Oilfield

July 26 (Reuters) - Mitra Energy Inc :

* Mitra has identified various cost reduction measures to continue to lower operating costs for Stag Oilfield

* Proposed acquisition will be effective from 1 July 2016, resulting in an immediately cash-generating asset for Mitra

* Mitra to acquire 100% interest in Stag Oilfield

* Deal for total cash consideration of US$10 million plus adjustments

* Says will be conducting a private placement to raise a total of up to C$65 million (approximately US$50 million) Source text for Eikon: Further company coverage:

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